2010 Michigan Compiled Laws
CREDIT CARD ARRANGEMENTS
Chapter 493 - REGULATORY LOANS
Act 379 of 1984 - CREDIT CARD ARRANGEMENTS (493.101 - 493.114)
Act 379 of 1984
AN ACT to define and regulate certain credit card transactions, agreements, charges, and disclosures; to prescribe the powers and duties of the financial institutions bureau and certain state agencies; to provide for the promulgation of rules; and to provide for fines and penalties.
History: 1984, Act 379, Imd. Eff. Dec. 28, 1984
- Section 493.101 - Definitions.
- Section 493.102 - Credit card arrangement; license required; terms and conditions.
- Section 493.103 - Application for license; oath; form; contents; fees; net worth requirements; rules.
- Section 493.104 - Investigation; finding; issuance of license; refusal to issue license; expiration of license.
- Section 493.105 - Duties of commissioner upon refusal to issue license.
- Section 493.106 - Suspension, revocation, or refusal to renew license; notice; grounds; surrender of license; duration of license; reinstatement or issuance of new license; preexisting lawful contracts.
- Section 493.107 - Investigations and examination of books, accounts, records, and files; electronic data processing not prohibited; establishment of annual fee schedule; fees nonrefundable; penalty; disposition and use of fees and expenses; action for recovery of fees or expenses.
- Section 493.108 - Subpoena of witnesses and evidence; oaths and affirmations; noncompliance; order; contempt.
- Section 493.109 - Books, accounts, and records; maintenance, preservation, and availability; audit; cost.
- Section 493.110 - Maximum interest; computation; fee; offer of loan or credit in connection with other accounts, services, or similar agreements; prohibited conditions.
- Section 493.111 - Truth in lending act; disclosures, information, and notices; applicability.
- Section 493.112 - Wilful and intentional violation as misdemeanor; conduct barring recovery and entitling consumer to attorney fees and court costs; authorized actions.
- Section 493.113 - Rules.
- Section 493.114 - Exemptions; credit card or charge card issued prior to effective date of act.
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